Glenn Beck: Bank bust - Who's to blame?


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GLENN: Today I want to lay the case out to you, because we have to know what happened to the economy. You have to know that they are printing money as we speak at the Treasury. You have to know what you know and know who caused it, how did it start, and you've got to bring yourself up to speed rapidly to be able to share with your friends the truth so they know how to make a decision on which one of these candidates, if either of them, was responsible. Which one of these candidates can help us get out of the mess.

Yesterday Barack Obama said, and I quote: Senator McCain bragged about how as chairman of the commerce committee in the Senate he had oversight of every part of the economy. Well, I can say to Senator McCain, nice job, nice job. He was in Vegas and he said, quote: I will crack down on predatory lenders, the all too often target the African American community, the one that targets the Hispanic community with tough new penalties that treat mortgage fraud like the crime that it is. And the crowd went wild.

It is important that you hear, "I will crack down on predatory lenders." Have you heard that before? The people that often target the African American community, target the Hispanic community with tough new penalties. Got it? Okay.

Today I'm going to lay out the case for you in the next 10 minutes and I think you're going to understand who is responsible for this credit crunch and this credit crisis, and you ain't gonna like the answer, but this I believe is a big part of the answer. The Community Reinvestment Act. It was started, it was a "Feel good" measure back in the 1970s and Jimmy Carter started it, "We've got to invest in our communities again." Well, in 1992 Boston's Federal Reserve did a study. They funded this study and in this study they found subtle racism in the banking system, discrimination in lending. This is again from the Boston race study, discrimination in lending. There were a couple of things in there that were stark. For instance, they showed a white guy and a black guy. Both went in to buy a house for $60,000. The black man didn't get the loan even though his assets, his net worth was stated as $10 million. The bank didn't give a $60,000 loan to a guy who had $10 million in assets. How did that happen other than you didn't want to lend to a black man. Well, the Fed used this study and they brought it to congress and congress just latched onto this thing. Unfortunately within just a couple of months, another group, another university came in and looked at this study and said, wait, wait, wait, wait, wait, we've looked at the raw data; these are mistakes in here. First of all, the analysis is wrong, but the facts are wrong. In the one that everybody was using, the black guy with the $10 million in assets that didn't get a loan, it wasn't $10 million. When you looked at the raw data, it was $1,000. He had $1,000 in assets. So the subtle proof that was left to stand, because nobody went back and revised it. Nobody went back and said, oh, well, okay, we have to throw this study out because it is so wrong. They just let the subtle proof, and here was the subtle proof.


The discrimination in lending, see if any of these sound familiar in 1992. Discrimination in lending was that banks wouldn't make loans in low income areas. So if you were in Detroit and you had a house that was selling for $100,000 last year and is now worth $10,000, the banks were like, no, we're not going to loan anybody any money; it's a bad section of town. The other subtle proof, banks had minimum lending requirements. So in other words, they could say we only lend $10,000 because there's no money in it for us at $2,000. We only lend 20 because there's no money in $10,000. That was racism. The application fee was racist. The fact that you had to actually say "Could you verify your income" was racist. That was 1992.

In 1992 again they wanted to revise the Community Reinvestment Act and they wanted to put in all of these penalties if you were being racist. Now, under the CRA, the banks had to convince a set of bureaucracies that they weren't engaging in discrimination, and the discrimination could be called by anybody. You could just raise your hand and say they're discriminating. ACORN was a big one that said discrimination. But again what counted as discrimination after 1992, arbitrary or outdated criteria. That outdated or arbitrary criteria income level, income verification, credit history and savings history. Do any of those things sound familiar? So to satisfy the demands of what now had been passed into law, lenders developed a sub prime mortgage. Didn't have sub prime before. That way potential borrowers who couldn't qualify for the 30 year traditional fixed mortgage had a way, so the bank wasn't being racist. In 1994 less than 5% of mortgage were sub prime. By 2006 20% of new mortgages were sub prime. Politicians and the Fed, they were excited about this, this is fantastic. It's a new mortgage that puts families in homes, gives them a piece of the American dream. How many times did you hear people say that? In 1994 Janet Reno said the Justice Department was going to go after banks that were racists. They said today's actions demonstrate we will attack lending discrimination wherever it is and whatever form it appears. No loan is exempt. No bank is immune. For those who thumb their nose at us, I promise vigorous enforcement. Sounds a little like Barack Obama today. Just so you know, there were no fines. You didn't even have to report this information to the government, but here's what happened. If you didn't, you were called racist. That's your fine. You were called a racist bank. If you wanted to open a branch, if ACORN decided to come against you, they would protest your opening up of a branch in that area and they would say you were a racist lender. If you wanted to do a merger, you couldn't do a merger because you hadn't played ball. You hadn't done the low interest rate, the mortgage with no income verification. Those in Washington stood in your way on any business you wanted to do.

Why do you think when J.P. Morgan and Chase teamed up, when they merged together, why do you think the first thing they did when they announced that merger was to make a gigantic donation to ACORN? It was extortion. Everybody was excited about this. Alan Greenspan came out in support of the mortgage options. He said Americans, consumers I'm quoting might benefit if lenders provided greater mortgage product alternatives to the traditional fixed rate mortgages. The chairman and CEO of Freddie Mac made affordable housing a priority and created new mortgage products that allowed for lower down payments. This was in 2004. Ten years, ten years after they enacted all of these laws to make sure that nobody was being discriminatory.

President Bush in 2004 launched his down payment initiative which provided assistance to low income families to help them with their initial down payment, which was quickly followed by his zero down payment initiative which eliminated the requirement of a minimum 3% down payment for FHA insured single family mortgages. If you were a first time buyer, zero down. In 2005 Barack Obama said it's not good enough that the real estate market is prospering for some. Everyone has to be able to get affordable housing.

Barney Frank said no one wants to be called out for racism by opposing any of these requirements. In 2007 Barney Frank went on to say the data showing serious housing discrimination in the granting of mortgages in Boston is very troubling. The serious housing discrimination in Boston is troubling and must be addressed. Same year, Senator Chris Dodd proudly took credit for helping pass a revised Community Reinvestment Act with the help of Reverend Jesse Jackson. Earlier this year Senator John McCain responded to a question by Larry Kudlow. He said, "Absolutely there were people that predicted that the Community Reinvestment Act might lead to reckless and unsound lending practices just short of a fill in the amount of I don't like to use the word quota, but certain percentages of a home of the bank's lending practices, it has to be reexamined. It has to be judged by its effect. We need to find out how this particular system affected the overall insolvency of the subprime lending issue and I think I'm not saying it needs to be repealed but it certainly needs to be examined and what its effects have been and we'll be able to figure that out. Really. As Nancy Pelosi says, along with Harry Reid, that we need to create yet another government agency to handle these situations. That we need another federal agency now to help bail out the people that got these loans because there wasn't any oversight. I contend it was the politicians that pushed people into this situation. It was the politicians that made this possible, and it was not just the Democrats. It was the Republicans as well.

Our Fourth Amendment, which protects our right to privacy, has never been in more danger. Journalist Lara Logan joined Glenn Beck on the radio program Thursday to explain how the digital world has given leaders — both in government and corporations — the ability to not only spy on Americans, but to track their patterns of behavior, too.

Lara explained why, even if you think you have nothing to hide, you should be very concerned. Because these digital "human terrain maps" could be used to manipulate you in any way those in control see fit.

"The purpose of your privacy is much more than just being out of public view," Lara said. "There is really nothing that's more central to our democracy than the right to privacy. I mean, all of the rights in the Constitution have a real purpose, and a real value, and if we allow people to take them away from us, we voluntarily are surrendering that. We are lambs to the slaughter.

"They're not just looking at what you have to hide. They're looking to manipulate you into doing what they want. These are control systems. That's what they are," Lara explained. "What they do with the information is they create a 'human terrain map' for every single person on the planet, anyone within a digital signature or within their reach. They are creating a human terrain map that can be used against you, by anyone."

Watch the video clip below for more details:


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Who were the people and groups involved with coronavirus research, and what really went down before and after the pandemic began? On "Glenn TV" this week, Glenn Beck heads to the chalkboard to outline a tale of negligence and then, coverup. The elites of the world - the people calling themselves experts - trusted the Chinese Communist Party with one of the most dangerous weapons we can imagine on this planet--a virus.

Glenn reveals who was involved in a definitive timeline, and argues: If proof of a lab leak does come out, the worlds needs to know EVERYONE that was involved. We must expose the coverup and attempt to control the narrative of the pandemic origins. Everyone from Big Tech, the media, the Chinese and even our own government have been involved. What lies behind the coverup could reveal the dirty secret that, in order to cut corners, the academic elites and government entrusted Communist China with a civilization-killing virus.

Watch the full episode below:

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BlazeTV host Mark Levin said his new book, "American Marxism," provides proof that we're not just facing a coming Marxist revolution — it's already here.

Many Americans remain unconvinced, believing recent moves from the far left and the Democratic Party are just passing phases. But this is not a "fad," Levin told Glenn Beck on the radio program Tuesday.

"This isn't progressivism, or social activism, or democratic socialism. This is Marxism. Now, it may not be Marxism in every particular. But it's an Americanized form of Marxism," Levin explained.

"You need to pay attention to what's taking place ... You've seen it with your own two eyes. You saw the riots all summer long. You saw Black Lives Matter, which is headed by an openly proud Marxist. You see Antifa, which is a Marxist anarchist organization. You see the media, that you have been watching and reading, endorse every single one of these movements," he added.

"People have been brainwashed, or ... haven't been paying attention. They view this as a passing fad," Levin went on to say. "It's not. We all need to wake up to this. And if we have little differences, moderate Democrats, Libertarians and so forth, you better put them aside right now. Because we have a common enemy. I say enemy, not opponent. Not adversary. Enemy. And we need to be focused on defeating that enemy, rather than fighting among ourselves."

Watch the video clip below to hear Mark Levin explain how our individual freedoms are in serious jeopardy:

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Electric vehicles are the wave of the future. They are so much better for the environment. At least that's what we have been told, but is this correct?

On his TV special, Glenn Beck explained how electric vehicles (EVs) might not actually be the environmental solution we've been led to believe. In fact, they may not be a solution at all.

Glenn shared a recent article from LiveScience that reported:

A 2014 study published in the journal Proceedings of the National Academy of Sciences looked at the entire life cycle of an EV's emissions, from mining the metals required for the batteries to producing the electricity needed to power them, and then compared this with the average emissions of a gas-powered vehicle. The team found that when electric vehicles are charged with coal-powered electricity, they're actually worse for the environment than conventional gasoline cars.

He next shared an article from The Greenage, which stated:

The Union of Concerned Scientists has calculated that manufacturing a mid-sized EV with an 84-mile range results in about 15 percent more emissions than manufacturing an equivalent gasoline vehicle. For larger, longer-range EVs that travel more than 250 miles per charge, the manufacturing emissions can be as much as 68 percent higher.

Noting how electric vehicles and other fossil-fuel alternatives require the use of mined minerals like lithium, cobalt, zinc, copper, and nickel, among others, Glenn quoted an International Energy Agency report that warned reaching the goals of the Paris Agreement "would mean a quadrupling of mineral requirements for clean energy technologies by 2040. An even faster transition, to hit net-zero globally by 2050, would require six times more mineral inputs in 2040 than today."

"Can [you] predict which country is the world leader in processing the minerals needed for these batteries? Right, China," Glenn stated. "The average EV requires over 200 kilograms of minerals. The average gas vehicle requires 40 kilograms of minerals, mostly copper. A single EV has 22 pounds of lithium in it ... yet another way that the green reset of American energy is putting us all at the mercy of Communist China."

"Oh, and remember during the Obama administration when the world was gonna end' over fracking?" Glenn asked. "Well, the Institute for Energy Research now says, and I quote, 'Mining and processing of lithium, however, turns out to be far more environmentally harmful than what turned out to be the unfounded issues with fracking.'"

Watch the video clip from Wednesday night's episode of "Glenn TV" below for more details:

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